Just as with any other aspect of an organization, business owners need to be prepared to make changes and adapt their business models to fit current circumstances.

Eventually, all business owners will have to consider exiting their business. Which exit strategy best suits you and your business’s needs?

During the past year, some of your employees may have felt isolated, worried, and/or anxious about their future in your organization. As you prepare to welcome them back into your company, it is critical to make employee engagement a priority.

Owners need to develop a market-focussed business model to deal with the fast-paced changes they are faced with. The main consideration needs to be that conventional strategic thinking will no longer serve you in the “new normal.”

When your customers become your fans, you will quickly realize that you have the potential to increase your revenue without having to increase your marketing budget. Word-of-mouth is a powerful marketing tool and when your customers are also your loyal fans, they will often do the work for you.

Ever since the beginning of the pandemic, years’ worth of market and business changes have been compressed into days, weeks, and months. This has been highly disruptive for small businesses, requiring business owners to rethink their business model. Despite the unprecedented changes, we’ve seen many small business owners weather the storm and keep up with business disruptions, altering their offering in ways they have not imagined before.

COVID-19 was completely unprecedented and happened so fast that unfortunately for many, no matter how fast they reacted, they could not contend with it. So how do you plan for something that no one has ever experienced before?

Business valuation is a complex process, and many different factors need to be taken into consideration to determine how much an organization is worth. We have narrowed this down to three lessons that came out of the past year and that owners need to build on in 2021.

What is the next step in this strange new normal? How do you continue to not only survive, but to build value in your business – even now as we are in the second wave of this pandemic?

Many owners are reworking their plans to
counter the impact of the pandemic on their business. But how can they
ensure all of the thinking that has gone into developing that plan is
put into action? Try these three steps.